I have used Richer Sounds on and off since the 80s when I first discovered their London Bridge shop. As a customer I always found them helpful and obliging, and enjoyed the slightly quirky approach. They seemed to move from the bargain basement approach to embrace listening rooms and decent mid-range gear and the shops gradually smartened up over the years.
It appears that Mr. Richer is indeed something of a model employer and is giving his employees a stake in the business as he retires, instead of selling up and riding off into the sunset. Good for him I say!
Some years ago I used to teach on some HR courses and used Richer as an example of an employer with a different approach to engagement, and what at the time was a different business model. He used to eschew individual commission, would reward top branches with access to a limo, and only adopted Sunday opening when he felt commercially he couldn’t hold out any longer. He used to claim that he had one of the lowest employee theft rates in retail. His stand against zero hours is commendable.
Speaker manufacturer Bower & Wilkins have also given employees shares. Locally, they are seen as a preferred place to work, with people staying for decades.
I’ve also been using the stores since those early London Bridge days. I’ve lost count of the speakers, amps, turntables, CD players, tuners (remember them?) and cables that I have lugged home in a cardboard box. I’ve since moved onto the world of Sonos, but bought those from Richer Sounds too come to think of it. Going full circle, the most recen thing I bought from them was another Turntable.
Always good, friendly and instructional service which has clearly kept me going back.
Richer Sounds and Marks and Spencers are just about the only shops I need!
It’s 25 years since I last met him, he was lovely then and it seems he still is.
I was impressed by the store as having been highly satisfied with their staff, quality of products and value for money over the years. Hadn’t heard of his enlightened approach to staff before today but now even more impressed.
Sounds like a decent guy. I’ve always kept coming back to Richer Sounds over the years. Bought my first proper hi-fi amp there, and in fact I bought some speaker cable from them just a few weeks ago.
I might be reading this wrong, but as well as giving is employees a cash boost, hasn’t he gifted them a £5.7m debt?
I think you have to adopt a spectacularly negative perspective to see it that way. It could also be said that he has sold a share of his wholly owned business significantly below market rate. And the debt would sit with the trust not the employees.
ok, that’s fair
His management book “The Richer Way” is excellent too. Yours for 1p on Dodgers Marketplace.
I remember he had a short lived hifi troubleshooting column in Q. Short lived, I guess, because the answer each time was something like, ‘I can’t tell what’s wrong from your description. Get it touch with the manufacturers; they’re a good firm and I’m sure they’ll be glad to help.’